(12) Donate Your Old Car To A Charitable Institution
It is one of the most typical ways to make money from old car. Donations to a charitable organization can easily bring you the benefits of a tax deduction.
You can donate not only money & personal property to such organization for a cause but also your own old car.
According to a post published in Charity Watch, you should not forget to ask if the charity accepts car donations directly without involving a third party.
However, you should also make sure that the charity is eligible to receive tax deduction contributions. If your car’s worth is more than $500 then you must complete Section A, Part 1 of IRS Form 8283 and attach it to the tax return.
On the other hand, if your car’s worth is more than $5000 then you must complete Section B, Part 1 of IRS Form 8283 and attach it to the tax return.
Thus, you can get the satisfaction of donating your old car to charitable institution for a cause in return for tax deduction.
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- Woman showing money in car background: Sellmycarla